MCX Nickel may trade between 955.3-984.5 levels
MCX Aluminium under fresh selling; Support seen at 142.2
MCX Mentha Oil likely to trade in a range of 1430.4-1511.4
Zinc market under fresh selling; Support seen at 178.8
MCX Copper under fresh selling; Support seen at 429.9
Technically Silver market is under fresh selling as market has witnessed gain in open interest by 1.11% to settled at 16722 while prices down 92 rupees.
Now MCX Silver is getting support at 39545 and below same could see a test of 39297 levels and resistance is now likely to be seen at 40014, a move above could see prices testing 40235.
Silver on MCX settled down -0.23% at 39793 tracking weakness in base metals prices weighed down by a stronger dollar. Investor appetite for safe heavens such as gold, yen and Treasuries, were scaled back by sentiment for riskier assets, triggering an uptick in U.S. bond yields and forcing gold prices lower.
The uptick in U.S. Treasury bond yields, which trade inversely to bond prices, were also supported by an increase in supply as a fresh round of the Treasury auctions slated for this week got underway Tuesday.
The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.
Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China.
Britain’s economy picked up a bit of speed in May after slowing in early 2018, according to official figures that will give the Bank of England more confidence about raising interest rates next month for only the second time in over a decade.
The European Central Bank defended its 2.6 trillion-euro bond-buying programme before the European Union’s top court on Tuesday from accusations it was bankrolling governments and endangering taxpayer money.
Trading Ideas:
–Silver trading range for the day is 39297-40235.
–Silver dropped tracking weakness in base metals prices weighed down by a stronger dollar.
–German investor confidence fell to the lowest level in six years in July as fears over an escalation in trade tensions with the U.S. dampened the economic outlook.
–The JOLTs reinforced U.S. labor market strength as the report showed 6.638 million job openings, better than the 6.583 million expected.
Courtesy: Kedia Commodities
Source: Commodityonline.com
